Gross #UAE banks’ assets rise to $905bln

Gross UAE banks’ assets rise to $905bln

Gross assets of banks in the UAE, including bankers’ acceptances, increased by 0.8 per cent to Dh3.322 trillion at the end of December 2021 from Dh3.295 trillion at the end of November 2021, the Central Bank of the UAE (CBUAE), said.

Gross credit increased by 0.3 per cent to Dh1.794 trillion from Dh1.788.3 trillion during the same period due to 0.1 per cent and 2.6 per cent increases in domestic credit and foreign credit, respectively.

The growth in domestic credit was mainly due to increases by 0.7 per cent, 1.7 per cent and 7 per cent in credit to the government sector, public sector (government related entities) and non-banking financial institutions, respectively. Credit to the private sector decreased by 0.5 per cent, CBUAE data shows.

Total bank deposits increased by 1.5 per cent, rising from Dh1.966 trillion at the end of November 2021 to Dh1.996 trillion at the end of December 2021. The rise in total bank deposits was due to increases in both resident deposits and non-resident deposits by 1.6 per cent and 0.6 per cent, respectively. Resident deposits rose due to 8.4 per cent, 2.4 per cent and 5.2 per cent increases in public sector deposits, private sector deposits and non-banking financial institutions deposits, respectively while government sector deposits dropped by 6.6 per cent.